The international law firm Clifford Chance is advising Norsk Hydro, a leading aluminium and energy company, on a tender offer for the purchase of all the shares in Alumetal, one of the largest producers of casting aluminium alloys in Europe.
The transaction implies an enterprise value of approximately PLN 1.332 billion (approximately EUR 290 million) based on the latest reported net debt for FY2021 and dividends payable of PLN 106 million (approximately EUR 23 million) with the dividend payment date falling on 27 July 2022. The transaction will strengthen Hydro’s recycling position in Europe and widen its product offering in the low-carbon and scrap-based foundry alloy market.
Completion of the tender offer is subject to customary terms and conditions, including obtaining competition clearance and gaining control of a minimum of 66% of the total shares outstanding.
The Clifford Chance transaction team advising on the deal is led by Jarosław Lorenc (Counsel, Capital Markets Group), and is composed of Katarzyna Aleksandrowicz (Associate, Capital Markets Group) and Krzysztof Regucki (Associate, Corporate Department).